This article is from the Australian Property Journal archive
SINGAPORE Exchange-listed developer Chiwayland has snapped up a 114,270 sqm land parcel in Caddens at the heart of Penrith for $40 million.
The acquisition is Chiwayland’s seventh property development project in Australia, since it entered the market in 2014.
The group intends to develop approximately 400 apartments and 364 townhouses on the site, staged over three phases and is slated for completion by 2020. The total investment is $320 million.
Chief operating officer Li Bin said the Sydney property market continues to present many attractive opportunities, especially with projects that are geared towards the local market.
“We expect our project in the Penrith suburb with townhouses to be popular as this is an upcoming area with strong demand from local buyers who appreciate the maturing amenities and convenience of Caddens,” Li said.
Chiwayland CEO Qian Jianrong said this latest project is an important milestone for the company in Australia.
“It marks our arrival as a localised developer as we tap into the demand of the local market with a large scale townhouse project. As we venture overseas, in each market, we want to meaningfully establish ourselves with scale that will allow us to tap into the local market.
“That is how we see ourselves as we develop other markets going forward in our internationalisation thrust,” Qian said.
Australian Property Journal
